Market wants ‘decisive action’ so Turkey needs to raise rates

Speaking at an event marking his country’s independence from Japanese rule, Moon said such a “community” could eventually herald the launch of a “multilateral security system” in the region, according to the report.

“This community will lead to an energy bloc and economic bloc in Northeast Asia by expanding our economic area to the northern continent and becoming the foundation of co-existence and prosperity in Northeast Asia,” Moon projected, according to Yonhap.

The president’s administration will seek to link railways and roads with the North before year-end, Yonhap said.

The initiative is one of many efforts that Seoul is undertaking to strengthen peace in Northeast Asia following June’s milestone U.S.-North Korea summit. Since then, the reclusive regime has dismantled some missile engine testing facilities, but many question leader Kim Jong Un’s willingness to deliver on the denuclearization promise he made to President Donald Trump.

Moon also called for broad energy and economic cooperation with the North on Wednesday, stressing his goal to politically unify both countries. “True liberation” will only be achieved when the two neighbors establish a lasting peace and economic relations, the head of state was quoted as saying.

China could reportedly use its ‘unwritten’ tech rules as an ‘invisible tool’ against US firms

With Sino-American trade tensions escalating, China’s cybersecurity standards could be used as an “invisible tool” for retaliating against Washington’s tariffs, according to one expert.
Such standards are government-issued operational guidelines that are technically voluntary, but are oftentimes treated as mandatory by foreign firms’ Chinese business partners.
If Asia’s largest economy were to weaponize the listing of standardized practices to hit American companies, the cost would be difficult to quantify, but the move’s effects on foreign firms could outlive current tensions, according a report from a Washington-based think tank.

With Sino-American trade tensions escalating, China’s cybersecurity standards could be used as an “invisible tool” for retaliating against Washington’s tariffs, according to one expert.
Such standards are government-issued operational guidelines that are technically voluntary, but are oftentimes treated as mandatory by foreign firms’ Chinese business partners.
If Asia’s largest economy were to weaponize the listing of standardized practices to hit American companies, the cost would be difficult to quantify, but the move’s effects on foreign firms could outlive current tensions, according a report from a Washington-based think tank.

With Sino-American trade tensions escalating, China’s cybersecurity standards could be used as an “invisible tool” for retaliating against Washington’s tariffs, according to one expert.
Such standards are government-issued operational guidelines that are technically voluntary, but are oftentimes treated as mandatory by foreign firms’ Chinese business partners.
If Asia’s largest economy were to weaponize the listing of standardized practices to hit American companies, the cost would be difficult to quantify, but the move’s effects on foreign firms could outlive current tensions, according a report from a Washington-based think tank.

With Sino-American trade tensions escalating, China’s cybersecurity standards could be used as an “invisible tool” for retaliating against Washington’s tariffs, according to one expert.
Such standards are government-issued operational guidelines that are technically voluntary, but are oftentimes treated as mandatory by foreign firms’ Chinese business partners.
If Asia’s largest economy were to weaponize the listing of standardized practices to hit American companies, the cost would be difficult to quantify, but the move’s effects on foreign firms could outlive current tensions, according a report from a Washington-based think tank.

With Sino-American trade tensions escalating, China’s cybersecurity standards could be used as an “invisible tool” for retaliating against Washington’s tariffs, according to one expert.
Such standards are government-issued operational guidelines that are technically voluntary, but are oftentimes treated as mandatory by foreign firms’ Chinese business partners.
If Asia’s largest economy were to weaponize the listing of standardized practices to hit American companies, the cost would be difficult to quantify, but the move’s effects on foreign firms could outlive current tensions, according a report from a Washington-based think tank.

With Sino-American trade tensions escalating, China’s cybersecurity standards could be used as an “invisible tool” for retaliating against Washington’s tariffs, according to one expert.
Such standards are government-issued operational guidelines that are technically voluntary, but are oftentimes treated as mandatory by foreign firms’ Chinese business partners.
If Asia’s largest economy were to weaponize the listing of standardized practices to hit American companies, the cost would be difficult to quantify, but the move’s effects on foreign firms could outlive current tensions, according a report from a Washington-based think tank.

European stocks open slightly higher as Turkey crisis weighs on sentiment

Shares in Europe open slightly higher Wednesday as concerns over the Turkish currency crisis continue to affect investors’ appetite. However, trading flows were also sluggish as a number of European bourses are closed due to a public holiday, including Italy, Greece and Austria.

The pan-European Stoxx 600 was up by 0.18 percent with most sectors trading in positive territory.

In Asian trading was mostly lower, failing to follow the positive beat on the Wall Street. Investors remain wary of potential economic spill overs from Turkey, where a spat with the United States and certain economic policies have led to a sharp fall in the value of its currency. The lira was down about 2 percent against the dollar and the euro at about 6.20 a.m. London time.

In other news, China has argued that the solar tariffs introduced by the United States on Beijing earlier this year violate trade rules and has issued a complaint at the World Trade Organization.

Meanwhile, in the corporate world, Royal Bank of Scotland has announced that it will pay $4.9 billion to settle a U.S. investigation into misconduct between 2005 and 2008. Air France-KLM is to appoint Air Canada’s chief operating officer Benjamin Smith as its new boss on Thursday, according to local newspaper Liberation.

On the earnings front, Vestas Wind and Balfour Beatty are due to announce their latest results.

In the U.K., there will be core inflation numbers out at 9.30 a.m. London time.

Market wants ‘decisive action’ so Turkey needs to raise rates: Yale economist Stephen Roach

Turkey’s central bank needs to raise interest rates to contain the country’s financial crisis, veteran economist Stephen Roach told CNBC on Monday.

Earlier in the day, Turkish lira dropped to a new all-time low of 7.24 against the U.S. dollar. It later pared some of those losses to trade around 6.99.

“The markets clearly want much more decisive action,” said Roach, former chairman of Morgan Stanley’s operations in Asia.

However, Turkish President Recep Tayyip Erdogan “is not about to do that both in terms of policy as well as rhetoric,” he said on “Power Lunch.”

Roach, now a senior fellow at Yale University, believes what Turkey needs is “a really large and strong monetary tightening.”

Last week, the economic crisis engulfing Turkey deepened after President Donald Trump said he was doubling metal tariffs on the country. His remarks came after Erdogan asked citizens to convert their dollars and other foreign currencies and gold to lira.

After Trump’s comments, the lira briefly plunged 20 percent against the greenback on Friday, finishing the session lower by about 16 percent. On Monday, Turkey’s central bank tried to ease fears by saying it will provide needed liquidity to the country’s banks.

Roach said what’s most worrisome is not the cumulative decline in the currency but the speed of the fall.

“When you see an accelerating downfall like this met with largely incremental actions by the central bank, then you have to worry about where this is going with respect to Turkey,” he said.

Turkey’s inflation rate reached 16 percent last month, well above the central bank’s 5 percent target. While central banks generally hike rates to control inflation, Erdogan has opted to keep rates low in an effort to drive growth.

The most franchised company in the world isn’t McDonald’s or Starbucks

Despite the seeming ubiquity of McDonald’s Golden Arches and the Starbucks’ twin-tailed mermaid, sandwich chain Subway actually has the most locations of any restaurant worldwide. In 2017, Subway had 43,912 stores around the world, beating second-place McDonald’s at 37,241 and third-place Starbucks at 27,339 locations.

This number, however, belies the economic reality: while McDonald’s and Starbucks have mostly grown their sales every year for the last five years, Subway sales have been slipping since 2014, and foot traffic is down 7.6 percent over the last 12 months, according to food industry market research firm Technomic. Shortly after this slump began, Subway started closing stores. More than 350 were shuttered in 2016; more than 800 in 2017; and another 500 in 2018.

Industry analysts point to a few reasons for this, but especially a lack of innovation. While McDonald’s and Starbucks continually create new products and store designs to evolve along with changing consumer preferences, Subway lags behind. Last summer, the sandwich shop announced its first major redesign, Fresh Forward, in nearly 20 years.

Recently, CEO Suzanne Greco, younger sister of Subway founder Fred DeLuca, retired. As the company searches for its first non-DeLuca family member CEO since its founding in 1965, many are wondering whether this change can turn the tide for the world’s most prolific restaurant chain. Trevor Haynes, who headed up the chain’s business development, is serving as chief executive on an interim basis.

Despite the seeming ubiquity of McDonald’s Golden Arches and the Starbucks’ twin-tailed mermaid, sandwich chain Subway actually has the most locations of any restaurant worldwide. In 2017, Subway had 43,912 stores around the world, beating second-place McDonald’s at 37,241 and third-place Starbucks at 27,339 locations.

This number, however, belies the economic reality: while McDonald’s and Starbucks have mostly grown their sales every year for the last five years, Subway sales have been slipping since 2014, and foot traffic is down 7.6 percent over the last 12 months, according to food industry market research firm Technomic. Shortly after this slump began, Subway started closing stores. More than 350 were shuttered in 2016; more than 800 in 2017; and another 500 in 2018.

Industry analysts point to a few reasons for this, but especially a lack of innovation. While McDonald’s and Starbucks continually create new products and store designs to evolve along with changing consumer preferences, Subway lags behind. Last summer, the sandwich shop announced its first major redesign, Fresh Forward, in nearly 20 years.

Recently, CEO Suzanne Greco, younger sister of Subway founder Fred DeLuca, retired. As the company searches for its first non-DeLuca family member CEO since its founding in 1965, many are wondering whether this change can turn the tide for the world’s most prolific restaurant chain. Trevor Haynes, who headed up the chain’s business development, is serving as chief executive on an interim basis.

Tinder founders sue parent companies Match and IAC for at least $2B

A group of Tinder founders and executives has filed a lawsuit against parent company Match Group and its controlling shareholder IAC.

The plaintiffs in the suit include Tinder co-founders Sean Rad, Justin Mateen and Jonathan Badeen — Badeen still works at Tinder, as do plaintiffs James Kim (the company’s vice president of finance) and Rosette Pambakian (its vice president of marketing and communications).

We’ve reached out to IAC for comment, as well as Pambakian, who’s served as our main contact at Tinder. We’ll update the post if we hear back.

The suit alleges that IAC and Match Group manipulated financial data in order to create “a fake lowball valuation” (to quote the plaintiffs’ press release), then stripped Rad, Mateen, Badeen and others of their stock options. It points to the removal of Rad as CEO, as well as other management changes, as moves designed “to allow Defendants to control the valuation of Tinder and deprive Tinder optionholders of their right to participate in the company’s future success.”

The lawsuit also alleges that Greg Blatt, the Match CEO who became CEO of Tinder, groped and sexually harassed Pambakian at the company’s 2016 holiday party, supposedly leading the company to “whitewash” his actions long enough for him to complete the valuation of Tinder and its merger with Match Group, and then to announce his departure.

In response, the plaintiffs are asking for “compensatory damages in an amount to be determined at trial, but not less than $2,000,000,000.”

“We were always concerned about IAC’s reputation for ignoring their contractual commitments and acting like the rules don’t apply to them,” Rad said in the release. “But we never imagined the lengths they would go to cheat all the people who built Tinder. The Tinder team — especially the plaintiffs who are currently senior leaders at the company — have shown tremendous strength in exposing IAC/Match’s systematic violation of employees’ rights.”

Update: We’ve just received the following joint statement from IAC and Match Group.

The allegations in the complaint are meritless, and IAC and Match Group intend to vigorously defend against them.

Since Tinder’s inception, Match Group has paid out in excess of a billion dollars in equity compensation to Tinder’s founders and employees. With respect to the matters alleged in the complaint, the facts are simple: Match Group and the plaintiffs went through a rigorous, contractually – defined valuation process involving two independent global investment banks, and Mr. Rad and his merry band of plaintiffs did not like the outcome. Mr. Rad (who was dismissed from the Company a year ago) and Mr. Mateen (who has not been with the Company in years) may not like the fact that Tinder has experienced enormous success following their respective departures, but sour grapes alone do not a lawsuit make. Mr. Rad has a rich history of outlandish public statements, and this lawsuit contains just another series of them. We look forward to defending our position in court.

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Why local US newspapers are sounding the alarm

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